If you want to go to dinner and have a bottle of wine, you know you can call a cab or book an Uber to take you to dinner and home. If you want to go to brunch, you can probably walk to a half-dozen darling little restaurants with stellar views to enjoy.
There’s a lot of opportunity to spend time outdoors in Long Island, and you can get there on foot or using public transport. You can also use your own vehicle without worrying you’re putting too many miles on it. Everything is so close, and the drive down the PCH is perfect. It’s what makes leasing a vehicle in Long Island such a good deal. You’re never going to exceed your annual mileage allowance, and you’re going to get to drive a car that fits well within your budget and exceeds all your wants.
The Benefit of Leasing
Many people are a little confused about what makes leasing such a good deal, and there is a long list of reasons to discuss to help you understand. Leasing is a good deal because you save a lot of money. Buying a new car means paying a large lump sum for the vehicle. It’s spread out over five years or so, but you never really have any equity in a vehicle. It’s a bad buy no matter what, and any financial expert will agree.
Buying means you drive off the lot in a new car that depreciates immediately. When the value of the car drops $12,000 or more the moment you sign the paperwork, you know you’re upside down on your car. What this means is you owe more on the car than it’s worth. If you wanted to trade it in a year from now, you’d need to come out of your own pocket to pay the significant difference of what the car is worth and what you owe, or you’d need to roll that excess over into a new car.
Before you know it, you can’t afford a nice car anymore because you owe so much on your old car. You’re twice as upside down on your near car, and you’re paying a lot of your old car on top of your new car. It’s unrealistic, and it’s unaffordable.
When you lease, you only make payments to cover the cost of the depreciation. This is why so many leases come with such small payments, and it’s why so many people can buy a car that’s well outside their budget if they were buying a new car. You can have a Ford purchase budget and Range Rover lease budget, and still save money leasing the Range Rover.
The other big benefit of driving a leased vehicle is you never worry about how much you owe. When you’re done driving, you’re done. You turn it in and only pay a fee if you go over your mileage allowance or cause any excessive wear and tear to the vehicle. You get a new car without adding any fees or money to the car to make up for an upside down trade. You also get a new car every two or three years.
A new car every two or three years means you always drive a car with a warranty. If anything happens to the car, you’re not going to pay a dime for repairs due to the active warranties. It’s a lovely feeling to know you’re not paying a car payment and repair payments simultaneously.
The Downfall of Leasing
There is a downside to leasing, but only for some. If you’re the type of person who buys a car, pays it off after five years, and drives it another five or 10 years following that, leasing is not for you. You don’t always make car payments, so it makes very little sense to lease. Additionally, if you put excessive miles on your vehicle, leasing is also not for you.
For everyone else, though, leasing is the best option. Most people always have a car payment, so it only makes sense to have a much lower car payment so you’re not breaking the bank and exceeding your budget. Long Island has a lot of opportunity for you to leave your car home in favor of a walk or safe ride home after cocktail hour, and this all lends to keeping low miles on that dream car you’ve been wanting your entire life.